8 May 2018investor presentation● Neutral
Buru issued an updated investor corporate presentation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2018investor presentation● Neutral
Buru Energy's Executive Chairman presented an operations update ('Buru in 2017 - Active and transformational year') to shareholders at the 2018 AGM.
7 May 2018flow test result▲ GoodMajor
Ungani 1 and 2 restarted at a combined 2,400 bopd with lower water cut than before their January shut-in; Ungani 5 flow-tested up to 1,226 bopd of clean oil, confirming the Eastern Fault Block extension, while Ungani 4's test ran at lower-than-expected rates pending flowline hookup and further analysis.
1 May 2018drilling progress report▲ GoodMajor
The Ungani access road reopened after an unusually wet season kept the field shut in for over three months; crude trucking and the Ungani 1/2 production restart are now underway alongside Ungani 4/5 flowline tie-ins.
17 Apr 2018production update▲ Good
The Ungani access road continued drying out with heavy-vehicle access expected by early May; Buru signed a second road-train contract (Road Trains Australia) to lift trucking capacity to its 3,000 bopd target once production restarts.
4 Apr 2018production update● Neutral
Flood-water on the Ungani access road receded enough for light vehicles, with heavy-tanker access still 3-4 weeks out; the field itself was inspected in good condition by helicopter with ~5,000 bbls already in storage awaiting the restart.
31 Mar 2018quarterly cashflow report● Neutral
Buru Energy reported $9.6M cash on hand at the end of the quarter ended 2018-03-31. Against its own $3.7M forecast for next-quarter outflows, that implied roughly 2.6 quarters of funding on hand.
14 Mar 2018investor presentation● Neutral
Executive Chairman Eric Streitberg presented Buru's corporate story at the Australian Energy & Battery Minerals Investor Conference.
12 Mar 2018production update▼ Bad
Continued extreme Kimberley rainfall (two years' worth in two months) kept the Ungani access road and export highway disrupted, though the field facility itself was undamaged and ready for an immediate restart; a pipeline alternative to trucking was studied but ruled out as not yet cost-justified, and Ungani 4/5 remained ready to hook up once heavy-vehicle access returned.
20 Feb 2018production update▼ Bad
Record West Kimberley rainfall (compounded by Tropical Cyclone Kelvin) cut road access and forced Buru to shut in Ungani oil production from 12 January, with resumption tied to the Great Northern Highway reopening to heavy vehicles; 2018 drilling-program and farm-in discussions continued in parallel.
5 Feb 2018production update● Neutral
Record West Kimberley rainfall (915.6mm in January) shut in Ungani production and cut road access, delaying the Ungani 4/5 hookup; Buru switched plans to flow both wells straight into the production facility instead of running standalone tests - cheaper and gets the oil to market sooner.
23 Jan 2018drilling progress report▼ Bad
Ungani 4 drilling operations completed and the rig stacked for maintenance; testing likely starts first week of February once packers set, but Ungani production remains shut in from Cyclone Joyce road damage with another tropical low threatening further delay.
19 Jan 2018investor presentation● Neutral
Buru's investor presentation showed the company with about 432 million shares on issue, a $0.37 share price, and a roughly $160 million market capitalisation.
18 Jan 2018resource reserve update▲ GoodMajor
RISC substantially raised Yulleroo's contingent and prospective gas/liquids resources (2C sales gas up to 714 PJ net to Buru), reflecting Buru's move to 100% interest in EP391/EP436 via its 2017 asset swap with Mitsubishi plus new well data.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string was run into the perforated liner with the rig set to demobilise once finished; the well test program was expected to start within about two weeks.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string is being run for production testing within 14 days; a 53,377-barrel Wyndham cargo sold for ~US$3.38m provisional revenue; Cyclone Joyce re-shut Ungani production (restarted 6 Jan) on 12 January.
9 Jan 2018drilling progress report▲ GoodMajor
Rig returned to the suspended Ungani 4 well; basic logs confirmed the Dolomite top at 2,134m, implying a gross oil column of ~74m - better than Ungani 1ST1 (58m) and Ungani 2 (54m) - once the drill-in completion liner is run.
9 Jan 2018drilling progress report▲ Good
Ungani 4's completion progressed with MWD logs showing a 74m oil column above the field's oil/water contact (testing due late January); Ungani production briefly shut in by cyclone-related road closure resumed on 6 January.
2 Jan 2018drilling progress report▲ Good
Ungani 5's full log suite confirmed its ~53m oil column; the well was completed with swellable packers and suspended pending a production test in 2-3 weeks - the last weekly report for this well as the rig moves to finish Ungani 4.
31 Dec 2017remuneration report● Neutral
Buru Energy's FY2017 remuneration report disclosed pay for its 3-director board - Executive Chairman Eric Streitberg, and non-executive directors Eve Howell and Robert Willes - led by Streitberg at $741,667.
31 Dec 2017other● Neutral
Buru Energy lodged its Appendix 4G Corporate Governance Statement compliance checklist for the year ended 31 December 2017.
31 Dec 2017quarterly cashflow report▼ Bad
Buru Energy reported $16.9M cash on hand at the end of the quarter ended 2017-12-31. Against its own $10.3M forecast for next-quarter outflows, that implied roughly 1.6 quarters of funding on hand.
29 Dec 2017drilling progress report▲ GoodMajor
Cyclone Hilda forced a temporary Ungani Field shut-in and may delay Ungani 5's completion, but full logs confirmed a ~53m oil column in Ungani 5 (comparable to Ungani 2); a facility upgrade completed doubling oil handling capacity to 4,900 bopd.
27 Dec 2017drilling progress report▲ GoodMajor
Ungani 5 reached 2,239.5m total depth; the Ungani Dolomite top was hit on prognosis at 2,122.4m (unlike the anomalously thin section in nearby Ungani 3) with good-excellent oil shows and mud gas peaks to 6.27% through the reservoir.
19 Dec 2017drilling progress report● Neutral
Ungani 5 reached 2,123m in the Ungani Shale just above the Dolomite target; prepping 7-inch casing.
14 Dec 2017drilling progress report▲ Good
Ungani 5 progressed smoothly (9⅝-inch casing set at 1,904m, minor oil shows in the Grant/Reeves sections) while Ungani 4's completion planning was finalised with equipment procured, completion to follow once Ungani 5 finishes.
12 Dec 2017drilling progress report● Neutral
Ungani 5: surface casing set at 915m, drilled ahead to 1,613m.
5 Dec 2017drilling progress report● Neutral
Ungani 5 (new appraisal well targeting the oil pool discovered by Ungani 3) spud, drilled to 918m surface casing point.
1 Dec 2017drilling spud▲ GoodMajor
Ungani 5 appraisal well spudded at 14:30hrs on 1 December 2017 to test whether the oil pool found by the earlier Ungani 3 well (in the previously untapped Eastern Fault Block) could be properly accessed with a new completion, after Ungani 3's own completion was judged to have missed the productive interval.
30 Nov 2017regulatory community update● Neutral
Buru clarified that despite media reports on the Canning Basin State Agreement's termination, its permits stay in force with no new relinquishments required until 2023/24 and no extra work commitments; the only real impact is on fraccing, now under a state government moratorium pending a scientific inquiry Buru expected to clear the practice as safe.